ANALYST'S TAKE: A key question is whether the correction has already hit bottom, said Jingyi Pan, a market strategist at IG. "Nevertheless, the worst is likely not over for this week for the simple reason that we have U.S. CPI sitting as a mammoth event risk this week," said Pan, referring to the Wednesday release of U.S. consumer price index data for January.

WHERE THINGS STAND: Investors remain wary of turbulence. It took just nine days for stocks to plunge 10 percent from their latest peak, which was reached on Jan. 26. A drop of that size is known on Wall Street as a market "correction." According to LPL Financial, it was the swiftest move from a record high to a correction in the history of the S&P 500. The index rose 1.5 percent Friday but still wound up with its worst weekly loss in more than two years.

OIL: Benchmark U.S. crude rose 40 cents to $59.69 per barrel in electronic trading on the New York Mercantile Exchange. It gained 9 cents to $59.29 a barrel on Monday. Brent crude, used to price international oils, advanced 43 cents to $63.03 per barrel in London.

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CURRENCIES: The dollar rose to 108.68 yen from 108.66 yen. The euro rose to $1.2293 from $1.2289.